January 19, 2022

Volume XII, Number 19

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January 18, 2022

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Derivatives — Congress Introduces Legislation to Clarify Extra-Territorial Reach of Dodd-Frank Swap Rules

Legislation has been introduced in Congress to clarify the applicability of the Dodd-Frank Act swap rules to non-U.S. Persons and for U.S. Persons engaging in swap transactions with non-U.S. Persons.

The extraterritorial application of the Dodd-Frank derivatives rules has been uncertain. Under the proposed Swap Jurisdiction Certainty Act, U.S. registered swap dealers engaging in swap transactions with a non-U.S. Person will not be subject to the Dodd-Frank derivatives rules if each party reports the swap to an SEC registered swap repository. Additionally, non-U.S. persons who register as swap dealers under Dodd-Frank would only be subject to the Dodd-Frank derivatives rules for swaps executed with a U.S. Person and are not required to comply with the Dodd-Frank derivative capital requirements if they are complying with similar requirements in their home country as long as the home country is a signatory to the Basel Accords. Click here to read the proposed legislation.

©2022 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume I, Number 318
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About this Author

Shareholder

Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining Greenberg, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she concentrated on structuring equity financing and equity derivative transactions for corporations and hedge funds. Prior to BNP, she was a partner in the Corporate Dept. at the law firm of Weil, Gotshal & Manges LLP.

Ms. Durham has been involved as both a lawyer and...

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